Today’s analysis- NZDCHF- trading below a key trading location where a bearish retest is probable, Points to consider, - Price action impulsive - Local S/R Resistance (.382 Fibonacci Confluence) - Swing High Objective - Oscillators Neutral
NZDCHF’s immediate price action is impulsive below Local S/R that is in confluence with the .382 Fibonacci, this allows for a bearish bias.
The swing high is current objective; price action taking this level out will increase the probability of further downside.
Both oscillators are trading above their range-mid; a larger correction will entail them back to bearish control zones.
Overall, in my opinion, NZDCHF is a valid short with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps
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“The Tape Reader’s profits should develop naturally. He should buy or sell because it is the thing to do – not because he wants to make a profit or fears to make a loss” ― Richard D. Wyckoff